Local Goes Global: PM Modi HIGHLIGHTS four points to increase export, says tap opportunities created post Covid 19

Prime Minister Narendra Modi asked industry and exporters to take advantage of opportunities created in the post-Covid scenario and stressed on four points to increase exports.  Increase in manufacturing, reduction in logistics cost, and international market for domestic goods, can help boost the country''s outbound shipments, said the Prime Minister. "When these four factors are synergized, India will be able to achieve the goal of Make in India for the world in a better way," Modi said. The Prime Minister made this statement while addressing Indian missions and Export Promotion Councils on the country on Friday, August 6, 2021.  

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The prime minister also noted that the Production Linked Incentive scheme will not only help in increasing the scale of manufacturing but also increase the level of global quality and efficiency.  

Citing an example, he said seven years ago, India used to import mobile phones worth about USD 8 billion and now, it has come down to USD 2 billion. Similarly, seven years ago, the country used to export mobile phones worth only USD 0.3 billion and now it has increased to more than USD 3 billion.  

The Government of India is working towards numerous measures that increase India’s role in the global supply chains.

We want India to create world class products that are globally competitive. pic.twitter.com/9zPYKvA5JN

— Narendra Modi (@narendramodi) August 6, 2021

"The Government of India is working towards numerous measures that increase India’s role in the global supply chains.  We want India to create world class products that are globally competitive," said the Prime Minister.   

During the 'Local Goes Global - Make in India for the World' video conference address, Prime Minister Modi also talked to stakeholders of the trade & commerce sector.   

Prime Minister Modi said that India's ambitious target regarding exports can be achieved only through a holistic and detailed action plan. He stated that at present, almost half of India's exports are to only four major destinations and asked them to find new destinations and take new products to the world.     

At present, exports account for 20 per cent of India's GDP and "given the size of our economy, potential, manufacturing and base of services industry, there is a possibility" to increase this share.